Methodological Review of Experimental Statistics on Venture Capital in Spain

As part of the incorporation of the information corresponding to 2025 within the section dedicated to venture capital in Spain (link, only in Spanish), the series corresponding to “Información sobre inversiones” (Information on investments) for the 2020-2024 period have been revised as part of the continuous improvement process that characterizes these experimental statistics.

This revision introduces a change in the treatment of investment records whose information was incomplete. Whereas, in the previous estimation, such records were removed from the sample, in this update an effort has been made to complete the missing information whenever possible and, in all cases, to include all available records. As a result, the investment volumes reported under “Información sobre inversiones” (Information on investments) have increased significantly, bringing them closer to those reported under “Detalle del activo” (Asset breakdown), thereby improving the internal consistency of the results.

Furthermore, as a consequence of the change in the source of information, the determination of the destination country of investments corresponding to 2025 is now based on the domicile of the recipient entity, rather than on its issuer code, which had been used for this purpose until 2024. To strengthen the temporal consistency of the series, this criterion has also been applied to the 2020-2024 period.